Summary

In this episode of the Tapped In Podcast, Bud and Mikey discuss the concept of entitlements versus incentives and how to get discretionary effort out of your team. Entitlements are the required payment or compensation for team members, such as healthcare, 401k, and base pay. Incentives, on the other hand, are used to encourage discretionary effort and can be variable or unpredictable. The hosts share examples of misappropriated entitlements, such as annual Christmas bonuses, and discuss the importance of authentic recognition and experiences in motivating employees. They also emphasize the need to balance entitlements and incentives to attract and retain top talent in today's labor market.

Takeaways

Chapters

00:00 Introduction and Discussion of Entitlements

13:22 Introduction to Incentives and Discretionary Effort

18:42 The Role of Recognition and Experiences in Motivating Discretionary Effort

25:34 Adapting Entitlements and Incentives in the Current Labor Market

30:13 Conclusion